The One Thing Standing Between Bitcoin and New All-Time Highs
00:00There is one specific thing that is standing between Bitcoin and a new, fresh, all-time high.Just one thing. This is according to our friend Matt Hogan. And I'm not going to spoil it.I'm going to go ahead and talk about it when we start the show today with Andrew and Tillman.Let's go. Good morning. Wolfpack, happy Tuesday. And welcome to the show. We have Andrew and Tillman.here you guys got to like and subscribeI never asked you to do that but apparentlyalgorithm tears smash the likesubscribe do you guys see the new
00:55Chappelle special where he's talking about Martin LutherK he's like and subscribehe's the like buttonhe's the bestgood morning guysyou know what Andrew showed up really angryyeah well I fixed itit's cotton-headed mini-muggins
01:11is what it ismini muggins he called me a cotton-headedsomething cotton locketup. Yeah, I screwed it up. It's gotheaded Nanny Muggins. And I was wonderingif Scott was wearing a Wawa sweatshirt.It's not Wawa. It's Buckees.I've never been to a Buckees.
01:28I actually heard that it'spronounced Bussies.You're a Bussy.But I can't wait to seehow big the Buckees is in Greenland.But anyways,let's talk aboutYou know, things that people actually care about here, which I don't think actually is Buckees in Greenland.
01:53But we have, I'm going to try to bring it up, we have the one thing, the one big thing,standing between Bitcoin new all-time highs.Of course, for anybody who doesn't know, it's the Clarity Act.And this is according to Matt Bogan from BitWise, we're going to get clarity,and then Bitcoin's going to act.And we're going to go to an all-time high immediately.And it's going to be amazing.What do you think?
02:13I was unaware that we were in a crypto winner.When did that happen?I don't know.A negative...Look at most cryptos, and you might feel...A negative 3% Bitcoin years, now crypto winner.What a world we live in.Yeah, I mean, betting on politicians to somehow bring us out of a crypto winner is, I don't know.
02:37I'm not entirely sure I'd put any money.Very cypherpunk.Yeah.Getting on, frankly, the banking lobby to find a way to bring us out of crypto winner is probably a better way to say it.Because the banking lobby is in overdrive to try and shut down the idea of yield with stable coins and yield and defy and all the things that are connected with innovation currently in the crypto space.I harken back to something Tillman had to say maybe a few weeks ago that even if the Clarity Act just doesn't have.happen, it doesn't stop the fact that there is yield to be had on Coinbase and all other exchangesand it's already happening and available to you and is not going to turn off.
03:25Active clarity doesn't happen, then we know that we'll have yield.That's kind of my point. It's like, what are we even talking about? It's happening right nowas we speak. And it's happening by the largest exchanges on the face of the earth. So,you know, we've got some pretty good weight in our corner.The things that I think are still holding it up are, quite honestly, the bipartisanget rich, politicians get rich.It's okay for, you know, every politician to have insider knowledge and trade stocks,literally straight from the floor on their phones, but it's not okay for Trump's kids to own a
04:09crypto exchange. I really think at the bottom down, you know, boiled down bottom line, that's probablywhat we're dealing with is just, you know, the same old garbage that we always have to deal with,politics. And, you know, that, I don't, I don't think that the yield on stable coins is as bigas a issue as they're making it out to be, again, because it's already happening. And you see thelargest banks in the world already getting ahead of it so that they can do it too. I think that thatprobably in my mind is the scapegoat so they don't look childish as it pertains to why it's really notbeing, you know, being finalized, right? Because there's been a lot of talk about, you know, self-dealing.And I know how important it is to the left side of the aisle that Trump walks away.
05:08from this as wounded as possible.And that's not going to happen if the current lay of the land plays out the way that we thinkit is.Owning a crypto exchange, having a bank license is, in my opinion, probably the ripest place tobe as it pertains to catching low-hanging fruit in the world right now.And they're in that spot.So, you know, I don't know.It's just more, you know, politics is, I guess.
05:36That's now a four-letter word for me.So every time I say that, I want you guys to think of it that way.Yeah, exactly.I've been saying this.I literally like what I tweeted and I remind everybody once every three to six monthsbecause either they think I have BDS against Democrats or TDS to Trump.I've never been prouder to be an unaffiliated voter because I have to view politics as a four-letter word.And I can't imagine like identifying wholesale with any politician or party.
06:04And that has nothing to do with them.It has to do it being a free-thinking human being that can't be put in.into two buckets, but call me crazy for that.But before Andrew, you jump in, I want to just give the update because there is actuallynews.Senate panel releases Bill allowing some stable coin rewards.So obviously, Coinbase made a big stink on it.Yeah.
06:22So listen, this was basically like litigated and discussed and put to bed with genius, we thought, right?So the banking lobby obviously seeing clarity as an opportunity to reopen the yield conversation.But now this was enough, apparently that Coinbase will be happy.with it and the big ones, but they change the language and there's a manager amendment, but this isbipartisan coming out of the Senate Banking Committee. So it looks like at least they've come upwith some sort of compromise that will allow some sort of yield that's sufficient. AndLlamas is saying, hey, we're ready to go. Right? Like this is going to be a two days. Let's get itdone. So, you know, the devils are always in the details. Two points that I'll make that are
07:03somewhat disassociated from each other. First, some of the lobbying that went on.last week in earnest, you know, there was documentation out there. There was actually a visualthat was being done by one side of the aisle that was, you know, concerned about yield andconcerned about other stuff, was on the banking side saying stop defy because defy would hurtinnovation. And I looked at that and I'm like, who put that out? Like, who? They have their owndefinition of innovation. Their definition of innovation is their own bank deposits.Defi is suicidal because it is innovation.I couldn't believe that I was even looking at it.
07:45I'm like, what in the world?And then secondarily, I've seen some things this morning where there's a little bit of language in the current iteration of the bill that talks about cold storage wall.That is a little bit concerning.So, yeah, the devil's in the details on this stuff.And again, once politics joins the party, nothing ever gets better.Nothing.I believe the language that you're looking at is that they've decided you can have up to 1.1% yield,but you go to jail if yourself custody your assets.
08:22That's the government.Come here for the hot take on the news this morning.Jail for self-custody.You speak to game.No, listen, we knew self-custody was always going to be something that bothered them,but we also knew it's something that they can do absolutely nothing about.So, you know, again, good luck talking about these things.And that would be no different than me saying, listen, dryers are outlawed.
08:53You can't dry your clothes at your house with any means other than hanging it on a line.You know, good luck enforcing that.It doesn't work.These protocols were built for self-custody.unless you want to scrap the protocols themselvesand try to reinvent Bitcoin from Square One,Ethereum from Square One,unless you want to basically scrap the current crypto landscape
09:17and try to rebuild it from its asheswith a protocol that does not allow self-custody,there is absolutely no way to enforce that.In fact, I would argue that anyone talking about thaton the floor pertaining to this billjust is showing how,how unknowledgeable they are about the industry and really showing how stupid they are,honestly. So it's not even worth talking about.
09:44It's also the law of unintended consequences.So yeah, you can't stop that.But that doesn't mean if for some reason you get yourself at a position where you're dealingwith an issue with the IRS or some level of the government and they tack on an additionalsomething associated with, well, you've got these, you know, self-custodied wall,which in this previous thing, you're not supposed to have those at this amount, this amount, or thatamount. And now you've got additional issues that you're dealing with associated with the law.But you really don't is the point. This is all a talking point just to try to sound smart when they're not
10:23smart. Think about it. It's the same thing. There's taxable events that are outside the IRSprivy right now. Andrew, if you go to somebody and you sell your car and you take that cash,and you buy a baseball card and that baseball card goes up in value over 10 years.There's all sorts of stuff like that that isn't, here's the point.If you make the on-ramp and the off-ramps easy to useand you allow the banks to be competitive so that they can offer the best reasonwhy I would want to hold my money on their exchange versus my cold storage wallet,free market incentives are the way we should be resched.
11:05responding to this, not with, oh, you know, we're going to enforce this at a level that can't beenforced, but we're going to scare you with a lot of words so that you do what we want you to do.How about you incentivize people to do what you want them to do?And the way you do that is by literally cutting the red tape for these banks and cutting the redtape for the exchanges so that they can offer defy on their platform.You know what's a better thing than defy and getting the yield of defy?Getting it without the hassle of defy.And that's literally what we have to offer the people with this, you know, exchange-based defy integration.
11:47And, you know, that's what the politicians should be focused on is taking the world's stage in that regard.So that people are going, oh, man, if I put my money on this exchange that's based in America, I can earn 8% yield.I mean, yeah, that's a no brain.Well, I would simply add that, you know, J.P. Morgan has a wallet now.Morgan Stanley's going to have a wallet.Coinbase has wallets.Everybody has wallets.My guess is that the way that they're thinking about this is we like those wallets.
12:21Those wallets are good and okay, but we don't like the wallets that are self-custodythat aren't connected to any of that stuff.We don't like those.So, you know, how they go about doing that?I'm just, you know, cautionary.Let's dissect that statement.They're not distinguishing amongst the wallets because the wallets are the same.They're distinguishing amongst the wallet holders.
12:43They're not saying we don't like these wallets.They're saying we don't like you.We like these people.They're allowed to have wallets.And we don't like you because the wallets are the exact same.There's no distinction.By Tangier's point, a Morgan Stanley wallet, I'm quite sure that if you dosomething that they don't like, they can enter said wallet and do with the assets as they please,
13:06not necessarily the case of the self-custodied wallet. Like if you have a ledger, they can't cometake that. They can come take all your data every three to four years and then use it to fish you.Especially if it's a ledger. Yeah, that's true.Because it seems like once every three years, like the clockwork, but they can't take your assets.Yeah. But, yeah, you're being way too rational. Because,it would seem that the bank lobby, if they didn't want to get replaced after seeing what happensto incumbents, the Sears Roebuck's and the blockbusters of the world, they would say,let's look for ways to incorporate this so that we can give our customers yield.
13:48But no, it shows a much more nefarious intention beneath, which is that they need to protectthe fact that they're the ones who keep all of the yield that already exists in or outside ofdefy and not pass it off to their customers.Correct.That's an intentional system meant to enrich the banks and to keep you, you know, poor or justenough yield not to riot and show up with pitchforks and torches.Well, if you're a bank that's a slave to yield, then you're not going to like this.If you're a bank that's not, then you are.
14:21And if you look at the segment of the population of what we'd call bankers like the Larry Fink'sof the world, they're not looking at.at this for yield purposes.They're looking at this for transactional volume,for depth of liquidity.They're looking at it because they're market makers.And that's how it should be looked at.Because there's a much bigger pie to create here.
14:41It's always the age-old question in businesses,do you want a big piece of a small pie or a small piece of a big pie?And by opening up this innovation and allowing peoplein every corner of the earth to find a safe haven of depositoryof crypto in the US and be able to utilize that cryptowith clarity to generate yield and then pay taxes on that yield,just like every other thing we do,it's not like we're saying don't pay taxes on it.
15:12We're saying the on ramps and the off rampsare sufficient to govern the taxable eventsthat are needed to be governed as it pertainsto hard or cold storage wallet, self-custody.That's the same mechanisms that we havetoday, no different than, you know, any other industry. It's really about their lack of understandingof our industry and their fear of being displaced tomorrow. And here's the truth. There's going to bea lot of slow adopters, and there will be a final hammer that strikes the gavel. And when that
15:49hammer does, the people who haven't been, you know, actively trying to adopt blockchain as a bank,people who haven't been researching this, people who haven't hired crypto departments,they deserve to go extinct.Well, they've been burying their head in the sand for two decades.So, like, you know, that's the nature of the free markets.That's the nature of capitalism.Is the slow adopters are making a bet, whether they like it or not.They're making a bet that Bitcoin and this whole blockchain thing is not as disruptive
16:18and is not as permanent as we all think it is.Good luck with your bet.I'm making the opposite bet.It depends on which corner of that market and industry you go to.This is an interesting story.Manero hits record high after 44% rally, just hours after UAE privacy token ban.So listen, we saw the privacy narrative catching a hell of a lot of tailwinds over the past few months,obviously on the backs of Zcash pulling a 10, 12x in three or four months.
16:48But then we started to hear a lot more about even privacy at the corporate and institutional level I had on Yuval last week from Canton Network,who had the announcers with DPPC and JPM and such.And he made the point that, well, you know,I used to work for Ken Griffin at Citadel.Citadel can't have their orders broadcasted to the world.They need privacy if they're going to do these things on blockchain.So there's a level of privacy there too.But at the personal privacy level,
17:14I was scratching my head when Zcash went flying and said,why not Monero?You know, like, Minero is the OG.This is the original.It's a better protocol, too.It's layer one security.I guess at the first level,my answer was because it's already been banned from all the exchanges so all the speculators can't get it.
17:30But they're finding a way, right? And so like I think that this just sort of speaks to the overarchingconversation that we're having about good luck banning this stuff or getting rid of it or no self-custodybecause where there's a will, there's a way. And I don't think there's a better example thanMonero making a new all-time high here and doing it when people are trying to ban privacy.Yeah, well, banning this is like trying to ban violence.It's been around since day one of humanity and it'll be around until the end.It's just it's just, it's part of humanity.Markets create themselves arbitrage opportunities when governments come in and create legislation
18:13that artificially suppresses industry and growth that is naturally occurring,based upon market dynamics that are uncontrollable to man.When that takes place, all you're doing is delaying the inevitable.And when the cat finally does come out of the bag, it's an extinction event for a lot of people.And so the longer we delay, the more damage is done is the way I like to put it.And we're at a point now where I think everybody's kind of fed up.We thought we were going to have clarity a long time ago.And, you know, can they just get something in place that allows us to look like we have leadership in the world in this area?
18:58But like, can we just convey some confidence?That's what I'd like, considering that we have the smartest people in the world,working on this right here in the U.S.Literally three of them.Literally, though.Well, they certainly don't reside on Capitol Hill, that's for sure.But just a quick pivot to the whole Fed thing with Jerome Powell andAnd you know, the entry into the Fed deal.
19:26What are you talking about Andrew?Is that another big story that's going on right now?Yeah.Yeah.It's a it's a different story, but it kind of has some of the same strings to pull on, right?So, you know, it feels like what a what an overreaction and sort of, you know, the, the,the lady protested too much, right?Like, holy cow, the entire world of federal, you know, reserve type bankers came,
19:53came to his, uh, his defense.And there hasn't even been an indictment.Like, what, what are we talking about here?It seems as if please don't pull the curtain this way or that way, because we don't wantyou to see whatever is going on behind here that we don't want to talk about.Really interesting stuff.And again, just goes to, uh, you know, Bitcoin is an ethos.Bitcoin as a movement, crypto as a movement, versus the idea that there's a few people sitting
20:22around a conference room table making decisions around money for the entire world for forever.Well, I think it shines a light on a more pressing question, Andrew, which is should asovereign nation control its own monetary policy?Yeah, because the interesting, I read something.thing from Jeff Park yesterday that talked about when the Fed kind of came into existence,and it was in connection with the Treasury, by the way. It was in connection with the Treasury,and it was, you know, talking about, I don't remember exactly how he put it together, but itwas well written. And it talked about the fact that their job was not to be political. Their
21:06job was to simply, you know, find a way to have common ground with the Treasury, right? So the wholeidea of Fed independence when it came about, it was not to be independent at all. It was to bein lockstep with the... Yeah, but it can't, it's not even, it's, we get to a rudimentary level ofsimplicity, which is that unless you are a single entity, there's always a conflict of interestwhen you're governing other people's affairs. And so the question becomes is like, who should besetting monetary policy, should it be the government and the people that are literally workingto pay off that debt that's being printed? Or should it be a third party that's supposed to beoutside of that governance? And I'm not asking facetiously. I'm literally asking because there's a lot
22:02of smart people out there. I have read a lot of books on this subject. And, you know,the Federal Reserve and the way in which it was created, I don't know if it would be created today.That would be my question. So the question is, is if it wouldn't be created today, and it is createdtoday, and there is a power struggle between the two entities that we look to for leadership,which is them and our government, who wins that battle at the end of the day? Because somebody has to,And we have to, the government is all about having rules of engagement and power structures that are delineated in writing before the conflict takes place so that we don't have to argue and we can all get behind democracy and go, okay, in a situation where you have found both of those entities as opposing one another, what's best to.Yes.So I found the post and it says, you know, people cite the 1950.
23:05one accord as kind of the birth of Fed independence. But then there's there's quotes from when thathappened. It says the Treasury and Federal Reserve have reached full accord to pursue their commonpurpose to assure successful financing of the government's requirements at the same timeminimized monetization of the public debt. And he asked a couple of questions. He says,what is successful financing of government's requirement, if not explicit commitment to theTreasury? What is to minimize, if not specifically to eliminate? And what is,common purpose, if not political. That's exactly what I'm saying. There's a conflict of interest byvery definition inside of those walls. Right. So, so, you know, so you add those thoughts, which are
23:48real and for some reason have been lost. And then you add to the fact that, you know, it's areasonable question to ask, you know, why does the Federal Reserve need $3 billion in improvementsto their facilities? Like that, that seems a little strange.better monetary policy.Yeah, so they can sit around and talk and then once a quarter have a common,you know, have a conversation about...Have you seen the bathrooms in that old building?Yeah, I have a conversation about, you know what, should we or should we not?
24:20I don't think we're going to do anything this quarter.We're going to leave things alone.Like, seriously.But the budget is congressionally approved.So, I mean, it's silly.Yeah.So there's other things like, you know, are there going to be like gardens on the top ofit?
24:33frankly it's it's all nuts is it is what it is like okay it was a version of what's born out ofthis is the excesses of let's call it four or five three years ago where nothing was beingchecked nobody was ever asking any questions it was just government spending as much money as theycould possibly spend and nobody nobody cares right when i when somebody asked the question it'skind of tough to go back and say well yeah we you know we think there's a real reason tohave gardens on the top of all of these buildings for monetary policy discussions.Like that sounds ridiculous, right?That doesn't make any sense.
25:13So it's just interesting how this, you know, something like this plays out.And also, okay.It's it's more, it's more insidious honestly than that.I live in a place where gardens on roofs are mandatory in some of the counties near me.and I'm not kidding, they're mandatory.And it drove the cost of building up like 5x,because to grow grass on a roof and have plants and stuff,you basically have to put a concrete barrier this thick,
25:46which requires a crane on site during construct.Like, it adds a level of cost and ridiculousnessthat you wouldn't believe if I told you.But they do it because it's green.And so once you find yourself in these circles, and Aspen is the town I'm talking about, just FYI,and once you find yourself in those circles where everyone agrees that this is the standard operating procedure going forward,there is no questioning it, Andrew.There's no cost analysis beyond that point.
26:23Is I grasp more or less than 30% of the year?Because I have asked for Aspen and it's really cold.Yeah.He grows like three months out of the year.And you know, you have a dog elevator to take your dog up thereso that he can go up there versus down on the street.That's an added rich list bonus.Rich people do not like stepping in dog pee.
26:45I told you, Timmy, the dog should go on the roof.Get them outside.It's like there's nobody in those rooms saying,what are we even talking?What are we talking about?There's no audit.There's no questioning.Listen, if you question the group think, you're out of the group.
27:04That's the rule of the group think, by the way.It is.So the point is, is that it all paints a picture, right?So this particular, you know, the last 24 hours with the whole Fed thing, it paints a different picture of the body language when Trump's standing there with the hard hat and pulling out papers.And, you know, this Fed chair is like, I don't know.Well, you know what?the picture it paints the picture for me is like that these things go to sleep for a while butthey're not dead that they rise back and we have to deal with them because the whole interest rate
27:39thing we could feel the tension two two rates ago you know when we were kind of going like what arethey going to raise or are they going to raise 100 basis points 50 20 like what what's going to takeand you could you could feel the tension between the two parties back then so to think that it'snot going to go it's it's going to go awayis naive of us, it's just going to resurface and resurfaceuntil one party finally wins or capitulates.Yeah, it's, again, what ends up at the bottom of that argumentare actual rates that affect actual normal people.
28:18And so to have two parties warring against each other,and one might say, well, I'm gonna piss you off,so I'm gonna raise interest rates in Januaryjust before I leave.Like that hurts regular,people, right?But it also hurts, and here's the problem.It's like we all have our opinions, but at the truth of the matter, there's very complicated
28:39issues here that are like, okay, should a president be able to raise interest rates forshort term good for political reasons to get votes?Absolutely not.Is that what's being done?Absolutely not.Like so, like, so, you know, it's just hard.hard to divide the baby and I don't think anybody has the skills to do it. But the reality of it isis if you have a maestro leading your financial orchestra and you believe that he can create
29:12economic growth through his natural tendencies, honestly, then why wouldn't you trust a presidentthat has proven to have, you know, those types of tricks in his bag? Why wouldn't you kind oftake his advice on when the interest rate should be dropped and how much they should be dropped.Doesn't mean you have to do what he says.But it's obvious that there's a resistance to doing anything that he says.And that's the problem.It's like you can't go into a role or a duty like being the Fed chair with such an oppositionto the president that you can't even hear the words that are coming out of his mouth
29:52at face value.Like that's, we're all screwed.that's where we are.It does not matter what the message is.All that matters is the messenger.That's the way that this works.I don't know if you guys have seen the video of the woman tragically dying in Minnesota.But even if your eyes have seen it,
30:13your interpretation of that video is likely determined entirely by your politicsand not by what your eyes are seeing.I'm not making judgment either way.But basically everyone who I know is on the right thinks that it was justifiedand basically everyone I know who's on the left, they said it was murder.Politics don't determine, like, facts or opinions when you're viewing things,but it's an example of just how politically divided and that all that matters right now is the messenger.Well, listen, the murder comes to the man's heart.
30:46No one knows that but him.We can look at evidence against a murder, and we as a society can say that that's murder,and we can determine that it's murder if we choose to do so.But really, the definition of murder comes from within someone's intent.So if that cop knew exactly what he was doing and he was trying to bait her to make a move to be justified in shooting her,then it was murder.If he was just doing his job oblivious to that and felt threatened for his life,and he acted upon that in his sovereign rights,
31:23as an officer, you know, then it wasn't murder.But for us to sit here based upon that video and determine that, it's impossible.That's why they have big court cases where they have, you know, jurors and months and monthsof deliberation and all that's due process, right?It's America, we just want whatever confirmation bias that we have to be supported withthe headline.It's insane.I don't want to, especially around somebody's life.
31:49Like, can we not pull the political curtains back a little bit?down a slippery slope that I did not intend and that that's my fault.But I want to go back to crypto a little bit.Mike Novagrat tells Garamuchi crypto treasuries will trade below Nav without real strategy,not going to get shareholder value just by dot dot.That was all of us falling asleep.Dot dot was reflective of all of us reading headlines about digital asset treasurycompanies.
32:17But listen, we know that you have a fund that actually takes cash flow todo this, so I think everybody here agrees.But yeah, maybe, maybe buying a whole bunch of Bitcoin at the top and then hoping for thebest isn't an actual corporate strategy.Well, Novigratz and Scaramucci are in unique positions within the crypto industry.Whatever you think of them and the different moves that they've made, they've made somemoves that have been really extraordinary.like Skaramucci's Skybridge Capital, essentially seed-funded Black Rock's iBit product,
32:54which is their most successful product in the history of Black Rock.That seemed, you know, pretty good move there by Scaramucci.Novogratz has been on the cutting edge of the crypto movement from the get-go and walked away,for all intents and purposes, from a TradFai career that was wildly successful in the first placeto go all in on crypto.So those guys carry enormous weight.It's concerning a little bit that it's taken them this long to kind of come out and say what you were saying almost a year ago now, Scott, that, you know, digital asset treasury companies were a bubble, you know, back at the Bitcoin conference and they've shown themselves to be a real bubble devoid of actual ongoing revenue streams to justify the purchase of whatever digital asset they're interested in.So, but again, that's how far the tide has turned associated with these types of companies.
33:55You have to have meaningful revenue generation.There's got to be a plan associated with that.That's probably equally as important, if not more important, associated with the movement of a particular digital asset treasury company or a fund of any kind.It's the ongoing revenue that's being generated and the quality of that.revenue, the quality of the companies associated with that revenue so that the entity on anongoing basis stays healthy for a long time, specifically when we have, according to, you know,bitwise, we're in a current, you know, crypto winner. So when you have crypto winners,you got to be in a really, really good spot foundationally if you're going to run a digital
34:41asset treasury company or a fund, because those companies that are inside of the fund itself,have to be doing well. They have to be an ongoing entity that does really well to fund the purchase ofBitcoin or Ethereum or whatever asset you believe in. So, you know, it's adjusted and changed and for thebetter. Jack Mullers has been talking about this for a couple months now. But some, you know,they're struggling to make the adjustment. The reason why they're struggling to make the adjustmentis when they got $700 million in a debt array.Immediately said, buy everything.They don't have any more money left.
35:23I mean, if they believe that the gravy train would continue,that they could just pull a strategy and do what he was doing no matter what.And then all of a sudden, nobody had any interest in structures that they were trying to,you know.Yeah, but honestly, that wasn't even pulling a...Even now, Taylor's buying $1.25 billion last week in Bitcoin as, I mean,But he was, he's been doing it with different levers for a long time. First, it was revenue from, you know, whatever work micro strategy and software and the stuff they did as an actual company. And then it morphed and then it was some debt. And then it was equity. And then it was, let's create additional equity and debt type stuff and, and, and fund it that way. There's been a bunch of different ways that that Saylor has funded the, his Bitcoin purchases over the past five years, a bunch of different ways.opposed to let's go raise debt by a zombie company and then buy, you know, $500 million of Bitcoin
36:21right now, click.You know, that's just not a great.Well, cash flow is king, right?And in any business.And when you are void of cash flow, if the market timing that you're betting on doesn'twork out the way that you think it is, you're either going to have to be really patient oryou're going to be a forced seller.And we're seeing, you know, like you said, if you look at markets like bodies of water, you need fresh movement of water into a body or it turns into a swamp.
36:54And everything kind of gets dirty and grimy and slow and smelly.You need fresh, like a river is fresh liquidity flowing in.And if you look at these treasury companies, there's no fresh liquidity.It's all stagnation.It's just the same money recycling, hoping that they're going to take more from the next guy.And in some regards, you know, without new liquidity, you are relying on the greater fools theory, right?You're relying on somebody to pay more than you did for the same thing.And as time goes on, if you don't have new fresh liquidity to place into the market that doesn't have a negative impact on your current shareholders,
37:36you're forced to shove a negative impact and dilution down all your shareholders' throats.And that's exactly what we're seeing right now.And so I think a lot of the Treasury companies were baited into the fame.The same thing that gets a lot of people in trouble, which is like fame.They'd rather announce that they're buying $700 million of Bitcoin than actually think abouthow they should buy $700 million in Bitcoin.And, you know, that's a very tempting thing to do when you can take.the world stage for your own and i think that's what a lot of a lot of people fell into honestly
38:13just kind of the simple thing that agree i asked how they should be buying it ohkeeping dry powder and raising money on the back of net operating income to buy it is what webelieve here at arch public so it's the bitcoin's most potent characteristics are itshedge against inflation, it's savings power in the form of increased purchasing power at a futuredate. All of those things are what make it the best hard asset in the world. And so buying it ondebt is literally combining something that has pristine class with something that has low class.And so what we believe is, you know, both from our fund and from our software perspective,is buy incrementally. You know, use your net income to produce value in your life and then store that
39:14value in something that has shown to be an incredibly effective tool to store it in. And whether it's3% allocation, 10% allocation, 50% allocation, that's up to you. And our tools help you decidehow to do that and make it very easy to get to that allocation percentage. That's what they're about.But really at the core of what we believe is, is like, don't buy Bitcoin with any debt.That is a bad move.It will force you to be a forseller at some point.Don't buy Bitcoin when everyone's talking about it on all the pumps.Use strategic automated tools like we have at Arch Public to set parameters in place that say,
39:57if Bitcoin dips by this much, I want to buy some Bitcoin.And then you define how much that is.and you spread your capital out over a long period of time so that you get a really healthy exposure to the cost curve that Bitcoin provides you.And Bitcoin's cost curve is an asset because it's extremely volatile, and there's a lot of yield farming that can be done with tools like this if you are patient and know how to do it.If you ape in and you smash by at the very top and you have all of your powder allocated at that price point, you're out of the game.until you're right. And even when you're right, you're faced with kind of a, a damned if you do,damned if you don't type of a decision, which is, you know, I'm up in my position. Do I sell my winnersto pay for real world expenses? That's a bad way to go. You should be riding your winners and
40:52cutting your losers quickly off. And so, you know, those are those are the types of things that we believe in.Those are the types of tools that we've created to help people manage the markets in a way.that's completely hands off, but at the same time, incredibly sophisticated.Our team loves to do it.And if you want to use our products for absolutely free to see what we're talking about,go to our website, archipublic.com and get started.Not my favorite thing is now, Sunday nights are my favorite thing,because I got so used to the dopamine hit of having my buys trigger
41:27when we actually had volatility in this market, which was awesome.I'd wake up in the morning and be like, yeah, I'd just pull.The dip is amazing.My favorite thing.That stopped happening because Bitcoin is glued to like $91,000 perpetually now.But on Sunday, I have the intelligence algorithms, three of them set up,and they fire off on the weekly generally and buy me more Bitcoin on Sunday night,regardless of what's been happening throughout the week.
41:52I think that I have what I would describe as a God-tier setup.Yeah.The algorithms.It's taking you two and a half months to get exactly dialed in.what you want, but I would agree with you. You've got it dialed in for sure. Your journey,frankly, was exactly what we're discussing with, you know, digital asset treasury companies. Like,you got into it. You're like, wait a minute, it's starting to move up. I need to get in now becausewhat I don't want to miss this. I need to get in now. We're like, okay, well, we can set some of that
42:25up and it's going to grab some stuff now, but I'm telling you, you're probably going to change yourtune a little bit. And then there was an adjustment. And then another adjustment. And then anotheradjustment, then finally you got to the point where, you know what, intelligent accumulation,some arbitrage, this stuff is just better than my emotions at this. It's way better than myemotions at it. And effectively, the tools themselves have now retrained the way that you think aboutit. And it's, you know, it's, you know, it's, you know, it's, you've retrained me not to think about it.Well, I was, I was going to say something. I got the highest compliment from one of ourcustomers this week that I've gotten in the five years of being in business. And he's a very high
43:05net worth guy. He's at one of our top tiers. I had not met him before this call. And he said,you've given me 50 hours a week of my life back. How much value is in 50 hours of his week to him?It's priceless. I know that feeling. I've had that feeling. I've had my phone on every alert by my bed.Like, that is no way to live.And you shouldn't have to.There's literally tools that have been built to avoid all that.Well, Twitter's offline right now.It's down.
43:38So if it can just stay down, that I can get back at least go out.Crypto Twitter has probably stormed the gates and found what found the kill switch with Nikita beer and all the commentary over the last year.Oh, mad.Yeah.That's been an interesting story to find.as well. Oh, it's back. It's back.It's back. Back up.By the way, I find it, I find it interesting.
44:07That's the best word I can put it.For adults on social mediawho talk about their disappointmentin likes or follower countsor I'm not happy with the platformbecause it's not giving me as much dopamineas I actually want. Somebody needs to pay for this.Like I look at that and I think,
44:28how old are you? Don't you have anything else in life better to do thanthen actually write this post and click send?I don't understand. I mean, I kind of listen.Like, I guess to some degree it's important how much engagement orharsh or like little tacos you can give me or whatever.Like, I don't know.It goes back to the police officer.This content right now.
44:53Not like this, but like if you're tweeting a chart and you used to get tons ofengagements on your chart, nobody's trading crypto. They all lost your money.And so why would why would the X or the, listen, YouTube, they said the lowest views oncrypto content since January 2021, like knowing that, and it's a flywheel, but like, do you thinkthe algorithm's going to be like, you know what Joe in Nebraska who's watching videos aboutre like, like about, you know, refreshing his car battery? You know what he wants to see right now,we're going to show him.Yeah.
45:29The Wolf of All Stage the podcast.That's it.Here's the thing.Like, if you're at Lowe's since January 21, that's an opportunity, too.It's a sense of, right?No.Like, just keep doing what you're doing.And then you'll be in a better position, you know, six, 12, 18 months down the road when
45:45something happens and it comes back.I mean, you know.You should be doing everything in your life, not for other people's approval, but becauseyou're passionate about it and you should be doing it, whether no one's listening oreveryone's.I sometimes forgot.People actually are monetizing their audience to some degree.So it's probably very disconcerting if they can't get the engagement they need.
46:05That's what I would imagine.Yeah, I would understand that.Well, what is sad for me is I know how badly Tillman wanted to truly become a KOL.That's a key opinion leader.I apparently, by the way, I have found myself to be thrown into the KOL bucket.You think you're one of the kings of the K-O-W, but you've got this Piper flute that you just, look at you all, y'all.Y'all got your black shirts on.You know, you know, the recipe.
46:40Is it blue?No, it's black.No, his shirt is blue.It's really blue.Pretty blue.It's black.I mean, it's, I guess everybody sees colors differently.but like you're out broken.
46:58Yeah.You know, it's all politics.Now we're seeing colors differently on each side of the political spectrum, right?Listen, words, do they even mean anything?Why are we even using them anymore?We should just act on our instincts at a primal level with no communication to anyoneother than ourselves.You're the one with the polar bear spear back there, okay?
47:22We want to talk about that.That is?That is a polar bear spear.Is that like from Minecraft or something?Or is that like a real?Yeah.Yeah. It's a little, no.It's like a conversational piece that you hang on your wall.
47:35So people say, what is that giant spear you have?I've never used it, Scott, if that's what you're asking.No.What is it?It's just a spear.It's a spear.It's a giant metal spear that you, I guess if you were back in the day and you and your tribewere going out to kill a polar bear, that's what you armed yourself with.
47:56They did it just like that,yeah.I come to pay 47 and afrom a helicopter, you know?Yeah, yeah, they didn't have those tools.Again, that's, you know,if you stifle innovation and one country created gunsand no one else was allowed to use them,
48:16what would happen.That's exactly what we're saying with crypto.That spear is symbolic of trading withoutharsh public.That's right.That's right.You only get one.shot. You know, got to use the new tools. Got to use the new tools, AK-47s from the helicopters
48:32in Greenland. Or the sound gun that makes your ears bleed and your eyes pop out of your head. Have youheard about that? Stranger Things reference? No, it's one of the tools they used when they wentover and got Madora. They are, yeah, they evidently unleashed some weapon that somebody is testifying from theother side that it made his nose bleed, his eyes, like he couldn't see anything.He was disoriented.He started throwing up.Yeah, started throwing up.Pretty tight that he's here to talk about that.
49:09Like that feels like you wouldn't be around to report the results.At this year's Bitcoin conference in some way.I'm going to use that.We're going to use that.Every time someone says Ethereum on stage, the audio.comes on and makes her ears pop out.Taylor's getting one of those for sure.Yeah.
49:33Ethereum.The fart coin laser.Anytime somebody says anything about me,and going, by the way,I don't know if you guys saw this.I went and interviewed Eric Adams,and I tried.This is so crazy, though.
49:47I just don't understand this.So, A, I have to default.So Eric Adams launched a New York City token,or at least he tweeted about it,and rub pulled immediately,like $2.1 million.liquidity or something. But A, how does the mayor, who's not the mayor anymore, launch a tokenfor New York City to help anti-Semitism and anti-Marian, like he's not the mayor anymore? So how did,
50:08was this pitch even a thing? How did they run? How did he fall for it? How did they run this upthe 580 million? Well, I will tell you this. Have you guys watched some of the documentariesabout how these things run? A lot of the people who are the public facing people arevictims. No, it's like he, I mean, you read these. They're like, I can't believe he pulled theliquidity from the liquidity pool. I'm like, I know. He does not know what a liquidity pool is.Yeah. It could have been a, listen, it's happened in multiple.And Mila and all those. They go around and that you say the guy gets promised to tweet for howevermuch. And then you scam in his name. Or whatever. It's just like, my God. But yeah,
50:53meme coins. Still still can run a meme coin up.to 500 million.Hmm.I'm going to buy this token because it's helping the homeless of New York from a guy who has nopower to help the homeless of New York anymore.And it should tell everyone something.There is some value in these stories.And I use meme coin valuations all the time to illustrate something, which is
51:18valuations mean nothing.You shouldn't base your investment based upon.You shouldn't say to yourself when you're about to buy she,oh, this thing's bulletproof because it's got a $3 billion market cap.Those market caps literally mean nothing, in my opinion.The depth of liquidity that can drive a market cap up to $500 billion is obviously very, very small,or these projects wouldn't be reaching those heights because the amount of money that is being injectedin them in most cases is not $500 billion, not even a billion dollars, not even $100 million.
51:54So the question is like if I can take $50 million and make it look to the world like $500 billion,that attracts a lot of attention, a lot of money, all that.That's an important question.I just saw a comment and I'm not sure if I'm being trolled or not.Venezuela has the two largest operating gallium mines.Nothing else needed to know.Is gallium a real thing?I don't know.
52:28Not where I thought you were going to go with it.I just saw that and I was like, am I in Black Panther?No, what he's alluding, what he's referring to.It works all the time.Well, so I've made a tweet on the second of January.Obviously, you guys don't follow me.No, it's the algorithm.It's the algorithm.
53:00I'll retweet it for you guys right now,just so you can see it.But it says...It's atomic number 31 in case it's on the periodic table.C.J. I'm wondering...Silver restrictions kicking in now more than...Is more of the preview.2006, real drama will be rare earths choking AI and mining growth,
53:20including galladium.And in the memory tech,and eutridium in the semiconductor space.That is the, if you follow this disruptive tech called AI and blockchain,and you go to the, the pinnacle of where the pinch point is,it's real world materials.It's rare earth materials.I know yitridium is real because I had that my software year of college.
53:50And it wasn't an issue to solve either.yeah.No, you're not getting trolled.I think about your cranium, your urethrium.Yeah.I'll never forget, like I know I joke,I've told the joke many times,but like I was getting my hair cut.
54:09It was peak, like 21, I think it was 21, like Bull Market.And my barber's cutting my hair, you know,the toxic galatite.He's like, so what's up with, you know, urethrium?I don't know. What's up with yours?Carium?He's like, yeah, whatever.He's like, I heard I need to buy some urethrium.
54:32And if there was ever a moment, I should have just sold everything.Yep, yep, yep, yep, you learn that.Gallium.Erethium is acting up to you right now, so we probably should go.But, yeah, but, I mean, before we do, we've got two things for you guys check out.We brought up their Future Fund, one, for all of those.credit investors, aka those who can afford to go to the dog gardens at Aspen, you can participate in Future Fund wand.If you're poor or the government thinks you're poor, but you're actually rich, you cannot participate.
55:09Archpublic, anyone can participate in this, even if you can't afford to bring your pit bull to the roof in Aspen to take a shit.you can participate up to $10,000 for free with these algorithms,and I've just been pounding the pavement on these,not only because I am a,I'm not only the CEO of Air Club for Men,but I'm also a customer.I bought a whole lot of Bitcoin at a really good price,and Eurythrium and Salena as well using this,
55:43and I love it. I love it.I'm in love with it.If it was a person, I would adopt it.It's amazing.And you're going to be at Bitcoin Investor Week with us in February 9th to the 13th.Can you imagine anyone there being a Bitcoin investor and not using this?Like it should just like Bitcoin algorithmic investor week.Yeah.
56:05One step in time, we're spreading the word.What does it cost to change the name of the, uh, uh, to, uh, it costs a lot.Yeah, I'm fair.I'm going to make Investor Week.We should do a conference.We should do a conference, actually.I think about this.I'm in Tampa, obviously, and this amazing screen I have here comes from a place.
56:28Between you and Gary Cardone, we could probably pull a few people.Yeah, so it comes from this place called View, and I knew the guys, and I bought the screen.This screen actually was the background for Sesame Street, this actual screen, which is hilarious.Are you serious?Yes, this is the Sesame Street screen.I got it for a discount when they bought a bigger screen.But they have their main studio here in Tampa.They have three of them now.
56:50But it's all walls of these screens, ceilings of these screens,background of these screens, and they're like jumbo-tron size.So like we could do a conference where it's like the three of us in Sailor having the last supper.And it's like, and you can fit 500 people in the room.Yeah.Okay.So like, can you imagine like a conference in a place like that where like every panel you watched was like,I don't know, let's do it in the.
57:16Let's do it in the Mona Lisa's mouth.Yeah.Or we could just do it in the sphere.I mean, the sphere would accomplish the same thing.Now I can't, I can't, I don't have a connection there.Oh.I could do it at this studio.Now you gotta go sphere.
57:31I was like pitching something that I thought was pretty cool.I didn't see the angle, Scott.Sorry, buddy.Next time in the sphere.Your, your Sesame Street screen's awesome, buddy.I think it's amazing.You know what? Tomorrow, when you're not here, I'm going to have snuffle up a guest.Yeah.
57:51That's my back on.We'll do it.All right, guys.You can check out archpublic.com.It's right there, I think.And, of course, I highly recommend futurefund.Dot archpublic.com.And we got OKX coming really soon.
58:10So that's the next thing as they make their push in the United States.We'll be collectively doing that together.And I'll be running a second portfolio.there one on Robin Hood, one on OKX. I hope that I can improve my business because I'm going torun out of money, super fat. I will also reiterate that our employees love to help people.If you never pay us a nickel and use the free product forever, feel free to still call andschedule a time to talk to us. All of our employees really are passionate about what they do,and we'd love to help set up the software with you.
58:45I mean, I don't know what error you guys are from.I am going to stop this show soon, but I keep seeing comments that I love.And Queen, who's always here, she said, Boofoo.Do you guys know that reference?No.God, it's from the movie How High with Red Man and Method Man,and they're all wearing the clothes, and they get pulled in front of the dean,and there's a little Asian guy.
59:08And he's like, what are you wearing?Because I guess, Boofu!I just, fuck you.Fubu rat boo-foo.Yeah.It's one about...Boo-boo was a thing.Yeah, boo-boo was a thing for about...
59:24It's in that, you know, like half-baked kind of marijuana-adjacent...Yeah, half-bank work, so they did a version of it that was a little more of what's just called Street.Yeah.Yeah.Yeah.So good.All right.That's all we got for you.
59:38Check out Arch Public.Go watch how high and Sesame Street.We will see you guys soon.Thank you guys.Bye.Everyone's looking for smarter ways to build their Bitcoin stack.Well, here's one most people overlook.You can earn Bitcoin every single time you spend without ever buying it directly.
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